For quite a while now, investors have been worried about whether the U.S. economic expansion could continue for much longer. Yet Wednesday brought good news from the consumer side of the economy, as major retailers reported strong results. That bolstered the entire market, and some other stocks saw even larger gains due to company-specific news. Urban Outfitters (NASDAQ: URBN), iQiyi (NASDAQ: IQ), and At Home Group (NYSE: HOME) were among the top performers. Here's why they did so well.
Shares of Urban Outfitters jumped 7% after the retailer reported its second-quarter financial results. Revenue for the period was actually somewhat disappointing, falling 3% from year-ago levels and showing declines in all three of the retailer's primary store concepts. But even though net income dropped by about a third, Urban Outfitters' earnings were better than most had expected. Analysts also saw some encouraging signs of progress on longer-term initiatives, and given the upbeat mood in retail today, it was easy for Urban Outfitters' stock to gain ground as well.
Image source: Urban Outfitters.